Weekly initial jobless claims show a decline

April 15, 2005|By Bloomberg News.

WASHINGTON — The number of initial jobless claims dropped last week and businesses built inventories at a slower pace in February as sales fell by the most since April 2003, according to two reports released Thursday.

The Labor Department said claims fell to 330,000 from a revised 340,000 the previous week. The four-week moving average, a less volatile measure, rose to 338,000 from a revised 337,750.

"The increase in energy prices is certainly a reason for businesses to be a little more cautious on the hiring front," said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.

Also Thursday, the Commerce Department said business inventories increased 0.5 percent in February as sales fell 0.4 percent.